Participants visit the accompanying exhibition of the Russian International Energy Forum 2026 in St. Petersburg, Russia, on April 22, 2026. Russia's aging thermal power infrastructure requires urgent investment to maintain energy security, industry experts warned at the opening of the Russian International Energy Forum 2026 on Wednesday. (Photo: Irina Motina/Xinhua)

ST. PETERSBURG, April 22 (Xinhua) -- Russia's aging thermal power infrastructure requires urgent investment to maintain energy security, industry experts warned at the opening of the Russian International Energy Forum 2026 on Wednesday.

In a written message, St. Petersburg Governor Alexander Beglov said that the forum, taking place from April 22 to 24, provides an authoritative platform for dialogue on key issues in the fuel and energy sector.

Much of Russia's generation capacity, primarily thermal and forming the backbone of the national energy mix, is outdated, said Alexey Ilchuk, director of the TEP Analytical Center under the Energy Ministry.

Power shortages have also increased in recent years. From 2020 to 2024, shortages in the Russian wholesale electricity market rose by 79 percent, with volumes in the Far East and Siberia more than doubling, he said.

Modernizing the sector will require significant investment and is expected to push up costs. Electricity prices in the capacity market could rise by about 29 percent by 2031, while total investment tied to approved generation projects is estimated at 2.2 trillion rubles (about 29.3 billion U.S. dollars), Ilchuk said.

Anton Danilov, director of Energy Market Development and Energy Trading at the Siberian Generating Company, said the average age of conventional generation has reached 37 years, exceeding levels in Europe and China.

To renew capacity, Russia needs to add 4.5 to 6 gigawatts annually, though investment momentum has slowed in recent years, he noted.

Participants outlined measures to balance infrastructure upgrades with consumer affordability, including accelerated financing mechanisms, regional tariff adjustments for energy-intensive industries, and expanded demand management programs.